(Bloomberg) — Wyloo Metals Pty Ltd., owned by billionaire mining magnate Andrew Forrest, has boosted its offer to buy out Canadian nickel explorer Noront Resources Ltd., reigniting a battle with rival suitor BHP Group after talks broke down on a compromise deal.

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Wyloo’s proposal at C$1.10 per share trumps BHP’s bid of C$0.75, which currently has the support of the Noront board. Earlier, BHP said it had been unable to win backing from Wyloo — already a major shareholder in the Canadian company — for its offer. Wyloo’s latest offer is nearly 60% above the C$0.70 per share proposal it made back in August.

The revised offer “continues to provide those shareholders who believe in the long-term potential of Noront with the opportunity to participate in Noront’s continued growth by remaining as shareholders,” Wyloo said in a statement. Forrest’s company, which holds a 37.2% stake in Noront, said it was confident of being able to submit a formal offer given its terms “are clearly financially superior.”

The deal values Noront at C$617 million ($430 million), according to Bloomberg calculations based on shares outstanding. It currently has a market capitalization of about C$409 million.

BHP and Wyloo have been in a bidding war since August to gain access to Noront’s high-grade Canadian nickel deposits in a largely untapped region of northern Ontario dubbed the Ring of Fire.

Mining heavyweights are racing to control more supplies of raw materials that are key to transitioning to low-carbon energy sources. Nickel is one of the key metals used in lithium-ion batteries for electric vehicles.

Forrest, chairman and founder of iron ore producer Fortescue Metals Group Ltd., plans to lead a new board of directors at Noront if the takeover approach is successful.

Wyloo said it would not support any alternative offers for Noront and, without its support, “a competing plan of arrangement cannot be successful.” BHP has previously said its offer doesn’t require the support of Wyloo to proceed.

Wyloo has engaged Maxit Capital LP as its financial advisor.

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* Wyloo raises offer to C$1.10 a share, 47% higher than BHP's

* For now, Noront's board recommends BHP's offer

* Wyloo is Noront's largest shareholder with 37.2% stake (Rewrites with Wyloo's improved offer)

Dec 13 (Reuters) – Australian billionaire Andrew Forrest's Wyloo Metals on Monday raised its offer for Canadian nickel producer Noront Resources Ltd shortly after failing to come to an agreement to support a rival bid by BHP Group .

Wyloo, Noront's top shareholder, increased its offer to C$1.10 a share, valuing the Canadian miner at C$616.9 million ($485.25 million), 57% higher than its prior bid and outmatching BHP's C$0.75 per-share offer.

The move by Wyloo is the latest twist in the bidding war between the two miners from Australia for the supply of a key battery metal used in electric vehicles.

With a stake of 37.2% in Noront, Wyloo said it does not intend on supporting any other offer and that "a competing take-over bid will be unlikely to meet any minimum tender condition."

For now, BHP's offer has the support of the Noront board and requires minimum acceptances of 50%, it said.

Following months of competing bids, Wyloo had been discussing about supporting the offer by BHP, the world's largest listed miner.

At the heart of the tussle was Noront's Eagle Nest nickel asset in Canada's so-called Ring of Fire, a high-grade deposit of the metal, as well as copper and palladium.

Noront and BHP did not immediately respond to requests for comment on Wyloo's sweetened offer.

($1 = 1.2713 Canadian dollars) (Reporting by Arundhati Dutta and Nikhil Kurian Nainan in Bengaluru; Editing by Diane Craft and Subhranshu Sahu)

A number of companies have recently opted to scrap their dual listing structures in a bid to simplify and streamline their business.

Royal Dutch Shell (RDSA.L) (RDSB.L) was the latest firm to announce an overhaul of its operations, revealing earlier this month that it will move its headquarters from the Netherlands to the UK.

The oil giant has been registered in the Netherlands for tax purposes since 2005, but its origins as a dual company dates back to 1907 when Koninklijke Olie merged with Shell Transport and Trading.

However, the company said that at the time it was not envisaged that the share structure would be permanent.

In August, BHP Group (BHP.L) (BHP.AX), the world’s largest miner, also decided to ditch its 20-year old structure, uprooting its base in London for a full move to Sydney.

The move meant an automatic trigger of BHP’s removal from the FTSE 100 (^FTSE) under UK stock market rules, although it will continue to have a standard listing on the London Stock Exchange.

Read more: Travel and oil stocks hit as new Covid variant spooks markets

In contrast, mining company Rio Tinto (RIO.L) said last week it had no plans to follow in the footsteps of its peers, calling the move a needless expense that would eradicate advantages for its shareholders. 

It currently operates under a one-management, one-board structure.

What is a dual-listed company?

Many publicly-traded firms are listed on more than one stock exchange, however, dual-listed companies have two primary listings with two separate legal identities that function as one economic entity.

Most take on a dual-listed structure to gain access to more capital and liquidity as it features in two or more stock markets.

“Dual listings effectively require everything to be done twice and the bill has to be paid in both time and money,” Danni Hewson, financial analyst at AJ Bell, said. “A single listing is cleaner and leaner.”

Story continues

While there are pros and cons of dual listings, with the main criticism being complexity and cost, here are a few reasons why companies are getting rid of them:

Improved performance

One of the key things Shell highlighted in its announcement this month was that it aims to “strengthen its competitiveness” and “increase the speed and flexibility of capital and portfolio actions".

The simplified structure to a single class of shares allows a company to boost shareholder payouts, creating a larger single pool of ordinary shares that can be bought back by the company.

“The change to the share classes removes a disadvantage Shell had versus its peers,” Oswald Clint, analyst at brokerage firm Sanford C Bernstein, said.

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“It will end the misalignment of two different tax and revenue authorities, removing friction and withholding tax issues around buybacks, while allowing them to increase materially.”

Last year consumer goods giant Unilever (ULVR.L) said it too was getting rid of its Anglo-Dutch structure, which has been in place since 1930, in favour of a London base to provide “greater strategic flexibility”.

It now has its primary stock market listing in London, with a secondary listing in the Netherlands and the US.

Mergers and acquisitions

Another benefit of having a single legal structure is allowing the firm to be more readily available for takeovers, mergers and demergers.

According to analysts, dual structures can make stock-based acquisitions and corporate restructurings more difficult.

A month ago, Wall Street activist Third Point revealed a $750m (£558m) stake in Shell. The investor, run by billionaire Dan Loeb, had previously called for the oil giant to split into multiple businesses to increase its value.

Third Point accused Shell of having “an incoherent, conflicting set of strategies attempting to appease multiple interests but satisfying none”.

Watch: Third point buys stake in Shell

More and more big businesses are facing similar pressures to be simpler, to allow them to innovate and integrate.

Peter O'Connor, of Shaw and Partners in Sydney, said: "The probability of Rio collapsing its dual share structure and moving it to a London listing is moving towards 100, having been at around 50 on the scale of probability for years."

Ken MacKenzie, chairman of BHP, said the company would be simpler and more efficient, with greater flexibility to shape our portfolio for the future. 

“Our plans will better enable BHP to pursue opportunities in new and existing markets and create value and returns over generations.”

Read more: Unilever to ditch dual structure for single HQ in London

Post-Brexit Britain

A dual structure can bring some tax advantages, however, in Shell’s case while the Netherlands withholds a 15% tax on dividends for Dutch-domiciled companies, the UK does not.

Under Shell’s dual class share system, holders of the “A” shares receive normal dividends and are subject to the tax.

However payments for “B” shares are distributed through a “dividend access mechanism” that essentially sees them streamed through a trust registered on the Channel Island of Jersey, avoiding the Dutch withholding tax.

The arrangement was approved by Dutch tax authorities in a confidential deal, although its legality under European Union law was doubted by some tax experts.

Shell and Unilever had both previously lobbied for the Dutch to get rid of their dividend withholding tax. It was later revealed to be a "decisive" factor for Unilever when it decided to relocate to London.

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By Clyde Russell

LAUNCESTON, Australia (Reuters) – For the first time in a decade a massive new liquefied natural gas (LNG) project has been approved for construction in Australia, but the Scarborough venture's structure and market realities indicate it may well be the last of its kind.

Woodside Petroleum and BHP Group gave final backing on Monday to the $12 billion plan to develop the Scarborough natural gas field off Western Australia and expand the onshore Pluto LNG plant to process the fuel.

The deal also sees Woodside merge with BHP's petroleum arm, with BHP shareholders to be issued new Woodside shares and ending up with about 48% of the expanded share capital.

Scarborough field lies about 375 kilometres (233 miles) off the coast of Western Australia state and holds about 11.1 trillion cubic feet of dry gas.

Woodside expects to produce about 8 million tonnes of LNG per annum at the to-be-built second train at its Pluto liquefaction plant, and is targeting first cargo in 2026.

The company also said that the all-in cost of the LNG to be produced is around $5.80 per million British thermal units (mmBtu), which is well below the current spot price of $36.70, but also considerably higher than the $1.85 the super-chilled fuel sank to in May last year during the height of the coronavirus pandemic.

The Scarborough and Pluto second train developments are also the first major LNG project to reach a final investment decision in Australia in about a decade, and comes after the industry spent around $200 billion to expand capacity to around 80 million tonnes, making the country the world's biggest LNG exporter.

At first glance the deal seems positive for both Woodside and BHP.

It transforms Woodside into a top-10 global independent oil and gas company and allows BHP, the world's biggest listed miner, an opportunity to profitably exit an area of business no longer viewed as core and frees it to concentrate on producing metals viewed as essential to the energy transition.

Story continues

However, it also means that Woodside will face increasing environmental opposition to its business, especially in the wake of the COP26 climate summit and mounting calls for an end to new oil, gas and coal projects.

Woodside argues that Scarborough contains "only around 0.1% carbon dioxide, and Scarborough gas processed through the efficient and expanded Pluto LNG facility supports the decarbonisation goals of our customers in Asia."

It's highly unlikely that environmental and climate groups will share this view, and already they are lining up to fight against the new development.

The Conservation Council of Western Australia is bringing a case challenging the state's approval, without a full environmental review, to allow Woodside to process gas at the Pluto LNG plant from an expanded number of fields.

FINANCING

While there is likely to be ongoing and highly visible opposition to Scarborough, there are also other concerns more behind the scenes.

As part of the deal, Woodside entered into an agreement to sell 49% of the planned second LNG train at the Pluto processing plant to private equity group Global Infrastructure Partners (GIP).

The terms of deal effectively commit GIP to providing financing, but virtually all of the risk lies with Woodside with regards to potential cost overruns, regulatory hurdles and changes to emissions liabilities.

While GIP has a solid track record of investment in major projects around the globe, the involvement of private equity in a major LNG project in Australia breaks the usual pattern of partnering with global oil companies, major trading houses or utility customers in Asia.

The deal with GIP doesn't look advantageous to Woodside, implying that it was unable to find any takers among more traditional partners.

This could be a sign that LNG projects are getting harder to finance and that already the major buyers in Japan and South Korea are thinking of ways to meet their net-zero emissions targets by transitioning away from LNG.

The Scarborough LNG will also be hitting the market just around the same time as major expansions from Qatar and Russia also come to market, potentially creating an overhang of LNG at a time when major buyers are likely to be increasingly transitioning to renewable alternatives.

Effectively, Woodside is taking a bet that LNG will last in Asia's energy mix for far longer than it should if net-zero emissions goals are to be achieved.

(Editing by Muralikumar Anantharaman)

(Adds Wyloo comment, updates dateline)

Nov 3 (Reuters) – BHP Group Ltd has started talks with Australian billionaire Andrew Forrest's Wyloo Metals regarding the takeover of Noront Resources Ltd as both the companies try to acquire the Canadian nickel producer.

In October, BHP increased its all-cash offer for Noront to C$0.75 ($0.60) per share, surpassing Wyloo's C$0.70 proposal.

"BHP and Wyloo Metals have engaged in initial conversations and are considering a mutually beneficial arrangement regarding the acquisition of Noront by BHP," BHP said in a statement issued late on Tuesday.

At stake in the scramble for Noront is the Eagle's Nest nickel asset in Canada's so-called Ring of Fire, a high-grade deposit sought to meet the expected demand for the metal from electric vehicle battery makers, as well as copper and palladium.

BHP also extended the tender expiry for its takeover from Nov. 9 to Nov. 16, the world's biggest mining company said in the statement.

Wyloo confirmed that it had entered the discussions.

"Wyloo Metals is considering the potential of a mutually beneficial arrangement with BHP insofar as this arrangement can deliver greater deal certainty to Noront shareholders," Wyloo said in a statement on Wednesday.

Wyloo said Noront shareholders would be updated on the discussions before the tender deadline.

($1 = 1.2413 Canadian dollars) (Reporting by Arunima Kumar in Bengaluru. Additional reporting by Melanie Burton in Melbourne; Editing by Arun Koyyur and Christian Schmollinger)

(Adds comments from consultancy, Samarco)

RIO DE JANEIRO, Nov 3 (Reuters) – The "socio-environmental" damage brought about by the 2015 rupture of a tailings dam in Brazil owned by miner Samarco is between 37.6 billion reais ($6.73 billion) and 60.6 billion reais, according to a study done by a company contracted by prosecutors to measure the costs of the disaster.

The study, carried out by consultancy Lactec at the request of Brazilian federal prosecutors, was seen by Reuters this week. Its conclusions come as Brazilian authorities, Samarco and Samarco co-owners BHP Group and Vale SA enter the final phases of a re-negotiation of a 2016 settlement related to the disaster.

The dam collapse near the town of Mariana killed 19 people and severely polluted the Rio Doce river, compromising the waterway all the way to its outlet in the Atlantic Ocean.

"We did an environmental valuation and we're giving a base to prosecutors so they have a reference point with which to make future decisions," said Renata Cristine da Silva Gonçalves, a researcher at Lactec.

"We don't have any way to define what prosecutors will do with the results of the study," she added.

Samarco told Reuters it would comment on the matter as soon as possible.

($1 = 5.59 reais)

(Reporting by Marta Nogueira; Writing by Gram Slattery; Editing by Aurora Ellis)

Nov 2 (Reuters) – BHP Group Ltd has started talks with billionaire Andrew Forrest's Wyloo Metals regarding the takeover of Noront Resources Ltd as both the companies try to acquire the Canadian nickel producer.

In October, BHP increased its all-cash offer for Noront to C$0.75 per share, surpassing Wyloo's $0.70 proposal.

At stake in the scramble for Noront is the Eagle's Nest nickel asset in Canada's so-called Ring of Fire, a high-grade deposit of the electric-vehicle battery metal, as well as copper and palladium.

BHP also extended the tender expiry for its takeover from Nov. 9 to Nov. 16, the world's biggest mining company said on Tuesday.

"BHP and Wyloo Metals have engaged in initial conversations and are considering a mutually beneficial arrangement regarding the acquisition of Noront by BHP," the company said in a statement.

(Reporting by Arunima Kumar in Bengaluru; Editing by Devika Syamnath and Arun Koyyur)

Key ingredient in fire retardant products derived from Compass Minerals’ Great Salt Lake solar evaporation production stream

OVERLAND PARK, Kan., November 02, 2021–(BUSINESS WIRE)–Compass Minerals (NYSE: CMP), a leading global provider of essential minerals, today announced a $45 million equity investment in FORTRESS North America (Fortress), an early-stage long-term fire retardant (LTR) company dedicated to developing and producing a portfolio of more environmentally friendly and carbon neutral fire retardants to combat the devastating effects of wildfires in North America and around the world. This builds upon the initial $5 million Series A investment Compass Minerals made in Fortress, meaningfully increasing its minority equity stake ownership to approximately 45%, with the opportunity to further increase that stake over time.

Fortress is a next-generation fire retardant company focused on reinventing wildfire application technologies. Led by CEO Robert Burnham alongside a team of multi-disciplined, veteran fire professionals, Fortress is the first new company in more than 20 years to pass all testing protocols and certifications for qualifying two new LTR products. LTRs are highly specialized formulations designed specifically for aerial drops to control the spread of wildfires. Fortress’ latest FR-600 ground retardant was recently added to the United States Forest Service’s (USFS) Qualified Products List.

Fortress’ patent portfolio of LTR and ground retardant formulations has been developed primarily using essential minerals supplied from Compass Minerals’ solar evaporation site on the Great Salt Lake near Ogden, Utah, which was the foundation of the strategic alliance between the two companies.

"Since we began working closely with the entrepreneurial Fortress team approximately 18 months ago, we have been excited about the growth potential of their innovative products in what has historically been a stagnant and sole-sourced market," said Kevin S. Crutchfield, Compass Minerals president and CEO. "We believe our support, both financially and operationally, will help accelerate that growth potential, and we anticipate Fortress’ high demand season will help to counter-balance the seasonality of our core deicing salt business."

The USFS tests fire chemicals for safety and efficacy prior to approval for field use. The combustion retarding effectiveness test (burn test) is one of the most critical, as it assesses a new product’s ability to retard the spread of fire against the legacy chemistry of ammonium phosphate. The USFS burn test conducted for the Fortress FR-100 product showed that it performed 20-30% better than ammonium phosphate products typically in use today. Fortress’ LTRs, based on magnesium chloride technology, are also designed to deliver extended effectiveness by re-hydrating when the relative humidity rises above approximately 33%, a common occurrence overnight on many large wildfires.

Fortress plans to further expand its suite of magnesium chloride-based retardants, which provide unique properties for fighting wildfires and abating fire risk. The announced investment by Compass Minerals is expected to enable Fortress to scale more quickly by completing the construction of its manufacturing facilities for both its powder and liquid concentrate products. Fortress also expects to leverage Compass Minerals’ supply chain and logistics capabilities in support of Fortress’ market competitiveness.

"Nothing about our alliance with Compass Minerals is happenstance," said Burnham. "The alignment of capabilities were crystal clear from our very first meeting, and taking this step now allows us to scale rapidly and effectively."

About Compass Minerals

Compass Minerals (NYSE: CMP) is a leading global provider of essential minerals focused on safely delivering where and when it matters to help solve nature’s challenges for customers and communities. Its salt products help keep roadways safe during winter weather and are used in numerous other consumer, industrial and agricultural applications. And its plant nutrition business manufactures products that improve the quality and yield of crops, while supporting sustainable agriculture. Additionally, its specialty chemical business serves the water treatment industry and other industrial processes. The company operates 15 production and packaging facilities with more than 2,000 employees throughout the U.S., Canada, Brazil and the U.K. Visit compassminerals.com for more information about the company and its products.

About Fortress

With corporate locations in California and Montana, Fortress, founded in 2016, is a new and innovative fire retardant company that has designed and developed the Fortress family of chemically advanced "next generation" long-term fire retardants, engineered for environmental safety and superior efficacy. More info: www.FORTRESSFRS.com

Forward Looking Statements

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements about Fortress’ growth potential, Fortress’ ability to scale and expand, and the investment’s ability to counter-balance the seasonality of the company’s business. These statements are based on current expectations and involve risks and uncertainties that could cause actual results to differ materially. The differences could be caused by a number of factors, including those factors identified in the "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" sections of the company’s Annual and Quarterly Reports on Forms 10-K and 10-Q, including any amendments, as well as the company’s other SEC filings. The company undertakes no obligation to update any forward-looking statements made in this press release to reflect future events or developments, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211102006293/en/

Contacts

Media Contact Rick AxthelmChief Public Affairs and Sustainability Officer+1.913.344.9198MediaRelations@compassminerals.com

Investor Contact Douglas KrisSenior Director of Investor Relations+1.917.797.4967krisd@compassminerals.com

Mosaic stock is among three fertilizer plays near buy points with earnings this week as various trends boost prices and share prices.

The company has launched an executive search to hire a new permanent CFO and named its chief accounting officer as the interim CFO in the meantime.

Mosaic stock missed Q3 EPS views, while Nutrien beat. MOS and NTR are among three fertilizer plays near buy points with earnings this week.

By Dhirendra Tripathi

Investing.com – ADRs of Shell (NYSE:RDSa) rose 3.5% on Wednesday after a report in The Wall Street Journal that Third Points owns stake worth more than $500 million in the company and is pushing it to split.

The Journal reported that the activist hedge fund wants the company to carve its business into two – one running the legacy operations of oil and gas exploration and the other focused on renewables that need heavy investments.

Oil majors such as Shell, Exxon-Mobile and Chevron (NYSE:CVX) face increasing pressure from investors and green activists to reduce their dependence on fossil-fuel based business and disclose a clear roadmap to achieve the same. European companies like Shell have been quicker to respond compared to their American peers.

With ESG now at centerstage in most countries and corporate boardrooms, companies not doing so are having a tough time answering governments, regulators and activists.

Under a deal disclosed in August, BHP (NYSE:BHP) is handing over all its oil and gas assets to Woodside (OTC:WOPEY) Petroleum (ASX:WPL) against an equity stake in the Australian company. The deal doesn’t mark a clean departure for BHP from fossil fuels but at least reflects the pressure on such companies to take steps reflecting their commitment to the cause.

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In this article we will take a look at whether hedge funds think Rio Tinto Group (NYSE:RIO) is a good investment right now. We check hedge fund and billionaire investor sentiment before delving into hours of research. Hedge funds spend millions of dollars on Ivy League graduates, unconventional data sources, expert networks, and get tips from investment bankers and industry insiders. Sure they sometimes fail miserably, but their consensus stock picks historically outperformed the market after adjusting for known risk factors.

Rio Tinto Group (NYSE:RIO) investors should be aware of a decrease in enthusiasm from smart money of late. Rio Tinto Group (NYSE:RIO) was in 21 hedge funds' portfolios at the end of the second quarter of 2021. The all time high for this statistic is 26. There were 25 hedge funds in our database with RIO positions at the end of the first quarter. Our calculations also showed that RIO isn't among the 30 most popular stocks among hedge funds (click for Q2 rankings).

Why do we pay any attention at all to hedge fund sentiment? Our research has shown that a select group of hedge fund holdings outperformed the S&P 500 ETFs by 79 percentage points since March 2017 (see the details here). That's why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to.

Ken Fisher of Fisher Asset Management

At Insider Monkey, we scour multiple sources to uncover the next great investment idea. For example, lithium mining is one of the fastest growing industries right now, so we are checking out stock pitches like this emerging lithium stock. We go through lists like the 10 best EV stocks to pick the next Tesla that will deliver a 10x return. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. You can subscribe to our free daily newsletter on our homepage. With all of this in mind we're going to take a look at the latest hedge fund action regarding Rio Tinto Group (NYSE:RIO).

Do Hedge Funds Think RIO Is A Good Stock To Buy Now?

At the end of June, a total of 21 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of -16% from one quarter earlier. On the other hand, there were a total of 20 hedge funds with a bullish position in RIO a year ago. With hedgies' sentiment swirling, there exists a few noteworthy hedge fund managers who were adding to their stakes considerably (or already accumulated large positions).

Among these funds, Fisher Asset Management held the most valuable stake in Rio Tinto Group (NYSE:RIO), which was worth $1084.4 million at the end of the second quarter. On the second spot was Arrowstreet Capital which amassed $156.8 million worth of shares. Masters Capital Management, Impala Asset Management, and Citadel Investment Group were also very fond of the stock, becoming one of the largest hedge fund holders of the company. In terms of the portfolio weights assigned to each position Impala Asset Management allocated the biggest weight to Rio Tinto Group (NYSE:RIO), around 5.06% of its 13F portfolio. Impala Asset Management is also relatively very bullish on the stock, dishing out 3.24 percent of its 13F equity portfolio to RIO.

Judging by the fact that Rio Tinto Group (NYSE:RIO) has experienced falling interest from hedge fund managers, it's safe to say that there is a sect of money managers that slashed their positions entirely in the second quarter. At the top of the heap, Ken Heebner's Capital Growth Management dumped the biggest investment of all the hedgies monitored by Insider Monkey, valued at close to $23.3 million in stock, and Benjamin A. Smith's Laurion Capital Management was right behind this move, as the fund said goodbye to about $23.3 million worth. These transactions are important to note, as total hedge fund interest fell by 4 funds in the second quarter.

Let's now review hedge fund activity in other stocks similar to Rio Tinto Group (NYSE:RIO). We will take a look at HDFC Bank Limited (NYSE:HDB), Intuit Inc. (NASDAQ:INTU), BlackRock, Inc. (NYSE:BLK), American Express Company (NYSE:AXP), Starbucks Corporation (NASDAQ:SBUX), Sanofi (NYSE:SNY), and International Business Machines Corp. (NYSE:IBM). This group of stocks' market caps are similar to RIO's market cap.

[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position HDB,39,1731917,12 INTU,66,5382791,-2 BLK,47,1282801,5 AXP,52,28660485,-1 SBUX,63,4757968,2 SNY,16,1261299,1 IBM,41,1373521,0 Average,46.3,6350112,2.4 [/table]

View table here if you experience formatting issues.

As you can see these stocks had an average of 46.3 hedge funds with bullish positions and the average amount invested in these stocks was $6350 million. That figure was $1420 million in RIO's case. Intuit Inc. (NASDAQ:INTU) is the most popular stock in this table. On the other hand Sanofi (NYSE:SNY) is the least popular one with only 16 bullish hedge fund positions. Rio Tinto Group (NYSE:RIO) is not the least popular stock in this group but hedge fund interest is still below average. Our overall hedge fund sentiment score for RIO is 30.2. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. This is a slightly negative signal and we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed that top 5 most popular stocks among hedge funds returned 95.8% in 2019 and 2020, and outperformed the S&P 500 ETF (SPY) by 40 percentage points. These stocks gained 24% in 2021 through October 22nd and surpassed the market again by 1.6 percentage points. Unfortunately RIO wasn't nearly as popular as these 5 stocks (hedge fund sentiment was quite bearish); RIO investors were disappointed as the stock returned -19.7% since the end of June (through 10/22) and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out the top 5 most popular stocks among hedge funds as most of these stocks already outperformed the market in 2021.

Get real-time email alerts: Follow Rio Tinto Plc (NYSE:RIO)

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Disclosure: None. This article was originally published at Insider Monkey.

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Lithium miner Albemarle is the IBD Stock Of The Day as lithium prices climb on electric vehicle demand. ALB stock is near buy range Monday.

With some minerals in short supply amid a global supply-chain crisis, the mining company is looking at ways it can produce additional minerals essential for modern technologies.

The Mosaic Company is a global leader in the fertilizer industry, perhaps the only company with the ability to produce and deliver two vital crop nutrients, phosphate and potash, on a massive scale. The On-Balance-Volume (OBV) line has been firming since June and tells us that buyers of MOS have been more aggressive. The OBV line is very bullish and the MACD oscillator is strong.

The market expects Mosaic (MOS) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2021. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on November 1. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus Estimate

This fertilizer maker is expected to post quarterly earnings of $1.59 per share in its upcoming report, which represents a year-over-year change of +591.3%.

Revenues are expected to be $3.8 billion, up 59.7% from the year-ago quarter.

Estimate Revisions Trend

The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings Whisper

Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model — the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Mosaic?

For Mosaic, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -0.03%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that Mosaic will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?

While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Mosaic would post earnings of $1.01 per share when it actually produced earnings of $1.17, delivering a surprise of +15.84%.

Over the last four quarters, the company has beaten consensus EPS estimates four times.

Bottom Line

An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Mosaic doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

The Mosaic Company (MOS) : Free Stock Analysis Report

To read this article on Zacks.com click here.

MELBOURNE, Australia, October 23, 2021–(BUSINESS WIRE)–Rio Tinto, BHP and Fortescue Metals Group (Fortescue) have agreed to partner and fund innovative, industry-first learning programs as part of a continued commitment towards mining sector workplaces that are free from sexual harassment, bullying and racism.

Through this partnership, Rio Tinto, BHP and Fortescue will fund and contribute to the design, build and implementation of new social awareness education packages for deployment through a range of education providers such as TAFE, Registered Training Organisations (RTOs), universities and high schools.

By starting conversations on these vital topics through education providers, the industry can make an important contribution to raise awareness of social wellbeing and related behaviours (collectively referred to as "psychosocial harm") for the benefit of all Western Australians.

The collaboration partners will invite leading experts in social wellbeing to form part of a working group bringing together government, community, industry and educators across TAFE, RTOs, universities and high schools in Western Australia to design and implement the program.

A pilot program for TAFE students will be developed through South Metropolitan TAFE. The pilot, to be developed in 2022, will form part of core learning requirements for students who may be planning to join Rio Tinto, BHP or Fortescue. South Metropolitan TAFE will go on to share this education package through the broader WA TAFE network.

The partnership will also explore the potential to work with universities and high schools to encompass broader education pathways across the State, as well as for delivery in workplaces. In time, these packages will be made available for application across broader industries and across other parts of Australia.

The education program is one of a number of initiatives introduced by mining companies to address sexual harassment, bullying and racism in WA’s mining sector.

All three companies joined with the Chamber of Minerals and Energy earlier this year to pledge support for the parliamentary inquiry into sexual harassment against women in the FIFO mining industry and committed to work together to eradicate these behaviours from the sector.

Comments attributed to Rio Tinto Chief Executive, Iron Ore, Simon Trott:

"Our number one priority is the safety, health and wellbeing of our people and our communities.

"We recognise that we have some way to go to achieve workplaces free from sexual harassment, bullying and racism across our industry and we are committed to making the changes needed to create a safer work environment where respectful behaviour is experienced by everyone.

"Education is one part of a range of measures Rio Tinto is introducing to create safer workplaces, including building leadership capability, improving our camp facilities, new rules on the consumption of alcohol, as well as improving the way we prevent, respond to, report and investigate incidents in order to build a respectful, safe and inclusive culture.

"We expect this partnership with BHP and FMG will help build a safer workplace and help empower our future workforce to create the culture we need."

Comments attributed to BHP WA Iron Ore asset president Brandon Craig:

"Sexual assault and sexual harassment have no place at BHP or anywhere in our industry.

"We are committed to providing a safe and inclusive workplace at all times, where disrespectful behaviours are eliminated.

"Education and training are critical to ensuring common understanding of the behaviours that are appropriate and acceptable at BHP.

"This industry collaboration will complement our existing internal training programs, leadership training, communication campaigns, and upgrades to camp security, and support services available to anyone who experiences disrespectful behaviour."

Comments attributed to Fortescue Metals Group Chief Executive Officer, Ms Elizabeth Gaines:

"The safety and wellbeing of the Fortescue family is our highest priority and we are strongly committed to providing a safe, diverse and inclusive work environment for all our team members.

"There is no place for harassment and bullying of any kind in the mining sector or in any workplace, and we will continue to work with industry partners to take decisive action to ensure our workplaces are safe for everyone.

"In line with our value of empowerment, this partnership with Rio Tinto and BHP will provide young West Australians looking at a career in the mining sector with the skills to identify and speak up against inappropriate behaviour and enhance the safety, culture and experience of working in WA’s mining sector."

View source version on businesswire.com: https://www.businesswire.com/news/home/20211023005002/en/

Contacts

Media contacts
Kate Barcham
0438 990 238
Kate.barcham@riotinto.com

Jamie Macdonald
0467 725 517
Jamie.Macdonald@riotinto.com

Alana Buckley-Carr
0416 295 600
alana.buckleycarr@bhp.com

Michael Vaughan
0422 602 720
mediarelations@fmgl.com.au

Category: Pilbara

Mosaic (MOS) closed at $42.01 in the latest trading session, marking a -0.38% move from the prior day. This move lagged the S&P 500's daily loss of 0.11%.

Coming into today, shares of the fertilizer maker had gained 20.59% in the past month. In that same time, the Basic Materials sector gained 6.23%, while the S&P 500 gained 4.61%.

Wall Street will be looking for positivity from MOS as it approaches its next earnings report date. This is expected to be November 1, 2021. In that report, analysts expect MOS to post earnings of $1.59 per share. This would mark year-over-year growth of 591.3%. Our most recent consensus estimate is calling for quarterly revenue of $3.8 billion, up 59.69% from the year-ago period.

For the full year, our Zacks Consensus Estimates are projecting earnings of $4.99 per share and revenue of $12.46 billion, which would represent changes of +487.06% and +43.53%, respectively, from the prior year.

Investors might also notice recent changes to analyst estimates for MOS. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 2.52% higher within the past month. MOS is holding a Zacks Rank of #3 (Hold) right now.

Valuation is also important, so investors should note that MOS has a Forward P/E ratio of 8.46 right now. For comparison, its industry has an average Forward P/E of 13.88, which means MOS is trading at a discount to the group.

Also, we should mention that MOS has a PEG ratio of 1.21. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Fertilizers was holding an average PEG ratio of 1.47 at yesterday's closing price.

The Fertilizers industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 19, which puts it in the top 8% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
The Mosaic Company (MOS) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.

By Clara Denina and Melanie Burton

LONDON/MELBOURNE (Reuters) -Australia's securities watchdog has closed its investigation into former Rio Tinto Ltd executive Alan Davies over an alleged $10.5 million payment to a consultant in Guinea, citing insufficient evidence, according to a letter reviewed by Reuters.

Davies, formerly Rio's Energy and Minerals chief executive, was fired in late 2016 after Rio Tinto became aware https://www.reuters.com/article/us-rio-tinto-guinea-terminates-idUSKBN13B2Y4 of emails from 2011 that referred to payments to the consultant in connection with its vast Simandou iron ore project in the West African nation.

According to the letter, ASIC's investigation covered directors duties like care and diligence and operating in good faith, obligations of honesty, and true and correct books and records. It closed the investigation on all individuals involved.

"ASIC has concluded its investigation on the basis that there is insufficient evidence to establish to a court that there has been a breach of the law," the Australian Securities and Investments Commission (ASIC) said in the letter, dated Oct. 19 and addressed to Davies.

"As I said in 2016, Rio Tinto did have no grounds to dismiss me and that continues to be my view," Davies told Reuters.

Rio Tinto had no immediate comment.

ASIC acknowledged the letter, saying it would not take enforcement action. "We've noted that ASIC may recommence its investigation, or commence enforcement action, if circumstances change," a spokesperson said.

A spokesperson at London's Serious Fraud Office, which also started an investigation https://www.reuters.com/article/uk-britain-sfo-rio-tinto-idUKKBN1A9246 into the matter in 2017, said on Thursday that the probe remains active. Rio said at the time it had also referred the allegations to U.S. regulators.

(Reporting by Melanie Burton and Clara DeninaAdditional reporting by Kirstin Ridley in London;Editing by Richard Pullin and Frances Kerry)

By Ernest Scheyder

(Reuters) -A U.S. appeals court on Friday questioned whether it had the power to override an act of Congress that gave Rio Tinto Ltd land in Arizona for its Resolution copper mine, which has been challenged by Native Americans. "It'd be nice if Congress or someone would make more sense out of this," said U.S. Circuit Judge Marsha Berzon, as the court appeared likely to support the U.S. government plan to give Rio Tinto the Arizona land.

Apache Stronghold, a group of Native Americans and conservationists, asked the 9th U.S. Circuit Court of Appeals in San Francisco to overturn a lower court's ruling https://www.reuters.com/business/us-judge-will-not-stop-land-transfer-rio-tinto-mine-arizona-2021-02-12 that allowed the government to give Rio the land.

The 49-minute hearing was the latest development in the long-running clash https://www.reuters.com/business/energy/arizona-mining-fight-pits-economy-evs-against-conservation-culture-2021-04-19/#:~:text=Arizona%20mining%20fight%20pits%20economy%2C%20EVs%20against%20conservation%2C%20culture,-By%20Ernest%20Scheyder&text=But%20U.S.%20President%20Joe%20Biden,in%20a%20drought-stricken%20state between members of Arizona's San Carlos Apache Tribe, who consider the land home to deities, and Rio and minority partner BHP Group Plc, who have spent more than $1 billion on the project without producing any copper.

Demand has been growing for the red metal used to make electric vehicles (EVs) and other electronics devices.

An attorney for the Apache Stronghold said the group was optimistic the court would rule in its favor, but would appeal to the U.S. Supreme Court should it lose. Rio Tinto and BHP declined to comment.

"It's really hard and frankly dangerous to try to predict which way the court is going to rule based on oral arguments," Luke Goodrich, an attorney for Apache Stronghold, told a San Francisco press conference after the hearing. "I think they'll see what the right thing is to do."

Judges questioned whether they had the power to reverse a 2014 decision by former President Barack Obama and Congress that set in motion a complex process to give Rio federally owned Arizona land that contains more than 40 billion pounds of copper in exchange for acreage that Rio owns nearby.

The three appeals court's judges are expected to rule in the near future. Meanwhile, the U.S. Congress is debating a bill that would undo https://www.reuters.com/world/us/us-house-committee-moves-block-rio-tintos-resolution-mine-2021-09-10 the 2014 legislation that approved the land transfer.

Previous court rulings have allowed the government to give away land it owns, even if the land is considered sacred by some groups. But courts have routinely also found that the government cannot force individuals to do something that would violate religious beliefs.

The Apaches have said that giving this land away to Rio Tinto effectively forces them to violate their religious beliefs, since they would not be able to worship at the site.

U.S. Circuit Judge Mary Murgia, one of the three judges, questioned that argument.

"It seems like you might be asking us to alter this test, and I'm not sure if that's appropriate for this panel to do here," Murgia said.

Goodrich, the attorney for Apache Stronghold, disagreed.

"The religious exercises that they've engaged in there for millennia will end" if Rio's mine is built, he told the court.

Berzon said she was sensitive to the historical mistreatment of Native Americans, but felt bound by law to restrict their deliberations to the narrow question under consideration in the case about whether the government can do what it wants with its own land.

Joan Pepin, a U.S. Department of Justice attorney, told judges that the Congress's move to give the land away should override any previous agreements Washington may have made with the Apache.

"When a statute and treaty rights conflict, the statue abrogates it," she said.

U.S. Circuit Judge Carlos Bea asked whether mediation could resolve the conflict. Attorneys for both side said that was unlikely.

(Reporting by Ernest Scheyder; additional reporting by Nathan Frandino and Carlos Barria; Editing by David Gregorio)

(Corrects typographical error in firat paragraph)

By Ernest Scheyder

Oct 22 (Reuters) – A federal appeal court on Friday questioned whether it had the power to override an act of Congress that gave Rio Tinto Ltd land in Arizona for its Resolution copper mine, which has been challenged by Native Americans.

"It'd be nice if Congress or someone would make more sense out of this," said U.S. Circuit Judge Marsha Berzon, as the court appeared likely to support the U.S. government plan to give Rio Tinto the Arizona land.

Apache Stronghold, a group of Native Americans and conservationists, asked the 9th U.S. Circuit Court of Appeals in San Francisco to overturn a lower court's ruling https://www.reuters.com/business/us-judge-will-not-stop-land-transfer-rio-tinto-mine-arizona-2021-02-12 that allowed the government to give Rio the land.

The 49-minute hearing was the latest development in the long-running clash https://www.reuters.com/business/energy/arizona-mining-fight-pits-economy-evs-against-conservation-culture-2021-04-19/#:~:text=Arizona%20mining%20fight%20pits%20economy%2C%20EVs%20against%20conservation%2C%20culture,-By%20Ernest%20Scheyder&text=But%20U.S.%20President%20Joe%20Biden,in%20a%20drought-stricken%20state between members of Arizona's San Carlos Apache Tribe, who consider the land home to deities, and Rio and minority partner BHP Group Plc, who have spent more than $1 billion on the project without producing any copper.

Demand has been growing for the red metal used to make electric vehicles (EVs) and other electronics devices.

An attorney for the Apache Stronghold said it was optimistic that the court would rule in its favor, but would appeal to the U.S. Supreme Court should it lose. Rio Tinto and BHP declined to comment.

Judges questioned whether they had the power to reverse a 2014 decision by former President Barack Obama and Congress that set in motion a complex process to give Rio federally owned Arizona land that contains more than 40 billion pounds of copper in exchange for acreage that Rio owns nearby.

The three appeals court's judges are expected to rule in the near future. Meanwhile, the U.S. Congress is debating a bill that would undo https://www.reuters.com/world/us/us-house-committee-moves-block-rio-tintos-resolution-mine-2021-09-10 the 2014 legislation that approved the land transfer.

Previous court rulings have allowed the government to give away land it owns, even if the land is considered sacred by some groups. But courts have routinely also found that the government cannot force individuals to do something that would violate religious beliefs.

The Apaches have said that giving this land away to Rio Tinto effectively forces them to violate their religious beliefs, since they would not be able to worship at the site.

U.S. Circuit Judge Mary Murgia, one of the three judges, questioned that argument.

"It seems like you might be asking us to alter this test, and I'm not sure if that's appropriate for this panel to do here," Murgia said.

Luke Goodrich, an attorney for Apache Stronghold, disagreed.

"The religious exercises that they've engaged in there for millennia will end" if Rio's mine is built, he said.

Berzon said she was sensitive to the historical mistreatment of Native Americans, but felt bound by law to restrict their deliberations to the narrow question under consideration in the case about whether the government can do what it wants with its own land.

Joan Pepin, a U.S. Department of Justice attorney, told judges that the Congress's move to give the land away should override any previous agreements Washington may have made with the Apache.

"When a statute and treaty rights conflict, the statue abrogates it," she said.

U.S. Circuit Judge Carlos Bea asked whether mediation could resolve the conflict. Attorneys for both side said that was unlikely.

(Reporting by Ernest Scheyder; additional reporting by Nathan Frandino and Carlos Barria; Editing by David Gregorio)

There are a lot of cases of right stock, wrong time lately, like with LAC stock. This is why second chances are important.

(Adds quote from press conference)

By Ernest Scheyder

Oct 22 (Reuters) – A U.S. appeals court on Friday questioned whether it had the power to override an act of Congress that gave Rio Tinto Ltd land in Arizona for its Resolution copper mine, which has been challenged by Native Americans.

"It'd be nice if Congress or someone would make more sense out of this," said U.S. Circuit Judge Marsha Berzon, as the court appeared likely to support the U.S. government plan to give Rio Tinto the Arizona land.

Apache Stronghold, a group of Native Americans and conservationists, asked the 9th U.S. Circuit Court of Appeals in San Francisco to overturn a lower court's ruling https://www.reuters.com/business/us-judge-will-not-stop-land-transfer-rio-tinto-mine-arizona-2021-02-12 that allowed the government to give Rio the land.

The 49-minute hearing was the latest development in the long-running clash https://www.reuters.com/business/energy/arizona-mining-fight-pits-economy-evs-against-conservation-culture-2021-04-19/#:~:text=Arizona%20mining%20fight%20pits%20economy%2C%20EVs%20against%20conservation%2C%20culture,-By%20Ernest%20Scheyder&text=But%20U.S.%20President%20Joe%20Biden,in%20a%20drought-stricken%20state between members of Arizona's San Carlos Apache Tribe, who consider the land home to deities, and Rio and minority partner BHP Group Plc, who have spent more than $1 billion on the project without producing any copper.

Demand has been growing for the red metal used to make electric vehicles (EVs) and other electronics devices.

An attorney for the Apache Stronghold said the group was optimistic the court would rule in its favor, but would appeal to the U.S. Supreme Court should it lose. Rio Tinto and BHP declined to comment.

"It's really hard and frankly dangerous to try to predict which way the court is going to rule based on oral arguments," Luke Goodrich, an attorney for Apache Stronghold, told a San Francisco press conference after the hearing. "I think they'll see what the right thing is to do."

Judges questioned whether they had the power to reverse a 2014 decision by former President Barack Obama and Congress that set in motion a complex process to give Rio federally owned Arizona land that contains more than 40 billion pounds of copper in exchange for acreage that Rio owns nearby.

The three appeals court's judges are expected to rule in the near future. Meanwhile, the U.S. Congress is debating a bill that would undo https://www.reuters.com/world/us/us-house-committee-moves-block-rio-tintos-resolution-mine-2021-09-10 the 2014 legislation that approved the land transfer.

Previous court rulings have allowed the government to give away land it owns, even if the land is considered sacred by some groups. But courts have routinely also found that the government cannot force individuals to do something that would violate religious beliefs.

The Apaches have said that giving this land away to Rio Tinto effectively forces them to violate their religious beliefs, since they would not be able to worship at the site.

U.S. Circuit Judge Mary Murgia, one of the three judges, questioned that argument.

"It seems like you might be asking us to alter this test, and I'm not sure if that's appropriate for this panel to do here," Murgia said.

Goodrich, the attorney for Apache Stronghold, disagreed.

"The religious exercises that they've engaged in there for millennia will end" if Rio's mine is built, he told the court.

Berzon said she was sensitive to the historical mistreatment of Native Americans, but felt bound by law to restrict their deliberations to the narrow question under consideration in the case about whether the government can do what it wants with its own land.

Joan Pepin, a U.S. Department of Justice attorney, told judges that the Congress's move to give the land away should override any previous agreements Washington may have made with the Apache.

"When a statute and treaty rights conflict, the statue abrogates it," she said.

U.S. Circuit Judge Carlos Bea asked whether mediation could resolve the conflict. Attorneys for both side said that was unlikely.

(Reporting by Ernest Scheyder; additional reporting by Nathan Frandino and Carlos Barria; Editing by David Gregorio)

(Adds quote from press conference)

By Ernest Scheyder

Oct 22 (Reuters) – A U.S. appeals court on Friday questioned whether it had the power to override an act of Congress that gave Rio Tinto Ltd land in Arizona for its Resolution copper mine, which has been challenged by Native Americans.

"It'd be nice if Congress or someone would make more sense out of this," said U.S. Circuit Judge Marsha Berzon, as the court appeared likely to support the U.S. government plan to give Rio Tinto the Arizona land.

Apache Stronghold, a group of Native Americans and conservationists, asked the 9th U.S. Circuit Court of Appeals in San Francisco to overturn a lower court's ruling https://www.reuters.com/business/us-judge-will-not-stop-land-transfer-rio-tinto-mine-arizona-2021-02-12 that allowed the government to give Rio the land.

The 49-minute hearing was the latest development in the long-running clash https://www.reuters.com/business/energy/arizona-mining-fight-pits-economy-evs-against-conservation-culture-2021-04-19/#:~:text=Arizona%20mining%20fight%20pits%20economy%2C%20EVs%20against%20conservation%2C%20culture,-By%20Ernest%20Scheyder&text=But%20U.S.%20President%20Joe%20Biden,in%20a%20drought-stricken%20state between members of Arizona's San Carlos Apache Tribe, who consider the land home to deities, and Rio and minority partner BHP Group Plc, who have spent more than $1 billion on the project without producing any copper.

Demand has been growing for the red metal used to make electric vehicles (EVs) and other electronics devices.

An attorney for the Apache Stronghold said the group was optimistic the court would rule in its favor, but would appeal to the U.S. Supreme Court should it lose. Rio Tinto and BHP declined to comment.

"It's really hard and frankly dangerous to try to predict which way the court is going to rule based on oral arguments," Luke Goodrich, an attorney for Apache Stronghold, told a San Francisco press conference after the hearing. "I think they'll see what the right thing is to do."

Judges questioned whether they had the power to reverse a 2014 decision by former President Barack Obama and Congress that set in motion a complex process to give Rio federally owned Arizona land that contains more than 40 billion pounds of copper in exchange for acreage that Rio owns nearby.

The three appeals court's judges are expected to rule in the near future. Meanwhile, the U.S. Congress is debating a bill that would undo https://www.reuters.com/world/us/us-house-committee-moves-block-rio-tintos-resolution-mine-2021-09-10 the 2014 legislation that approved the land transfer.

Previous court rulings have allowed the government to give away land it owns, even if the land is considered sacred by some groups. But courts have routinely also found that the government cannot force individuals to do something that would violate religious beliefs.

The Apaches have said that giving this land away to Rio Tinto effectively forces them to violate their religious beliefs, since they would not be able to worship at the site.

U.S. Circuit Judge Mary Murgia, one of the three judges, questioned that argument.

"It seems like you might be asking us to alter this test, and I'm not sure if that's appropriate for this panel to do here," Murgia said.

Goodrich, the attorney for Apache Stronghold, disagreed.

"The religious exercises that they've engaged in there for millennia will end" if Rio's mine is built, he told the court.

Berzon said she was sensitive to the historical mistreatment of Native Americans, but felt bound by law to restrict their deliberations to the narrow question under consideration in the case about whether the government can do what it wants with its own land.

Joan Pepin, a U.S. Department of Justice attorney, told judges that the Congress's move to give the land away should override any previous agreements Washington may have made with the Apache.

"When a statute and treaty rights conflict, the statue abrogates it," she said.

U.S. Circuit Judge Carlos Bea asked whether mediation could resolve the conflict. Attorneys for both side said that was unlikely.

(Reporting by Ernest Scheyder; additional reporting by Nathan Frandino and Carlos Barria; Editing by David Gregorio)

Mosaic (MOS) closed at $42.17 in the latest trading session, marking a -0.71% move from the prior day. This change lagged the S&P 500's daily gain of 0.3%.

Prior to today's trading, shares of the fertilizer maker had gained 28% over the past month. This has outpaced the Basic Materials sector's gain of 7.79% and the S&P 500's gain of 4.28% in that time.

MOS will be looking to display strength as it nears its next earnings release, which is expected to be November 1, 2021. The company is expected to report EPS of $1.63, up 608.7% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $3.83 billion, up 60.82% from the year-ago period.

For the full year, our Zacks Consensus Estimates are projecting earnings of $5.02 per share and revenue of $12.48 billion, which would represent changes of +490.59% and +43.77%, respectively, from the prior year.

Investors should also note any recent changes to analyst estimates for MOS. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 3.14% higher within the past month. MOS is currently a Zacks Rank #2 (Buy).

In terms of valuation, MOS is currently trading at a Forward P/E ratio of 8.47. This represents a discount compared to its industry's average Forward P/E of 14.81.

It is also worth noting that MOS currently has a PEG ratio of 1.21. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. Fertilizers stocks are, on average, holding a PEG ratio of 1.53 based on yesterday's closing prices.

The Fertilizers industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 3, putting it in the top 2% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
The Mosaic Company (MOS) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research

MELBOURNE, Oct 21 (Reuters) – BHP Group is looking at the potential to use the waste from its Australian nickel mining operations to capture and store carbon and will conduct field trials this financial year.

It is also harnessing new technologies to look deeper underground for minerals critical to the energy transition like nickel and copper, Chief Technical Officer Laura Tyler will say at a trade conference in London, according to prepared remarks.

BHP mines the metal at its Nickel West operations in Western Australia. It also processes nickel into high quality powder, 85% of which goes to the battery industry. This year it signed a deal to supply nickel – a key ingredient in electric vehicle batteries – to Tesla Inc.

Waste from Nickel West operations is high in magnesium oxide, which can pull carbon out of the air to create magnesium carbonate, a stable compound in the form of a salt, according to Tyler.

"That material can then be left safely in situ, or used in building materials like carbon neutral cement or plasterboard," her prepared remarks said.

BHP’s trials will be conducted at its Mt Keith tailings dam in Western Australia.

At five kilometres wide, the dam can already store some 40,000 tonnes of carbon dioxide from the atmosphere each year, enough to offset around 15,000 average-sized combustion engine cars. Researchers believe it could store far more CO2 every year if the mineral carbonation rate could be enhanced through different processes and engineering solutions.

The miner is also using real-time sensors, multi-physics arrays and data analytics to speed up decision-making, cut logistics requirements and increase the potential for discoveries.

BHP on Wednesday topped a takeover offer for Noront Resources Ltd from Australian billionaire Andrew Forrest's Wyloo Metals, as the two groups vie for greater access to the high-grade nickel deposit.

(Reporting by Melanie Burton; Editing by Edwina Gibbs)

Denver, CO, Oct. 21, 2021 (GLOBE NEWSWIRE) — Intrepid Potash Inc. (NYSE: IPI) plans to release its third quarter 2021 financial results on Monday, November 1, 2021, after the market closes. Intrepid will host a conference call on Tuesday, November 2, 2021 at 12:00 p.m. Eastern Time to discuss the results and other operating and financial matters and to answer investor questions.

Management invites you to listen to the conference call by using the dial-in number 1-800-319-4610 from the U.S. and Canada, or +1-631-891-4304 from other countries. The call will also be streamed live on Intrepid's website, intrepidpotash.com.

A recording of the conference call will be available approximately two hours after the completion of the call at intrepidpotash.com or by dialing 1-800-319-6413 from the U.S. and Canada, or +1-631-883-6842 from other countries. The replay of the call will require the input of the conference identification number 8017. The recording will be available through December 2, 2021.

About Intrepid

Intrepid is a diversified mineral company that delivers potassium, magnesium, sulfur, salt and water products essential for customer success in agriculture, animal feed and the oil and gas industry. Intrepid is the only U.S. producer of muriate of potash, which is applied as an essential nutrient for healthy crop development, utilized in several industrial applications and used as an ingredient in animal feed. In addition, Intrepid produces a specialty fertilizer, Trio^®, which delivers three key nutrients, potassium, magnesium, and sulfate, in a single particle. Intrepid also provides water, magnesium chloride, brine and various oilfield services.

Intrepid serves diverse customers in markets where a logistical advantage exists and is a leader in the use of solar evaporation for potash production, resulting in lower cost and more environmentally friendly production. Intrepid’s mineral production comes from three solar solution potash facilities and one conventional underground Trio^® mine.

Intrepid routinely posts important information, including information about upcoming investor presentations and press releases, on its website under the Investor Relations tab. Investors and other interested parties are encouraged to enroll at intrepidpotash.com, to receive automatic email alerts or RSS feeds for new postings.

Contact:
Matt Preston, Vice President of Finance
Phone: 303-996-3048
Email: matt.preston@intrepidpotash.com

TAMPA, FL / ACCESSWIRE / October 20, 2021 / The Mosaic Company (NYSE:MOS) announced today that its Board of Directors declared a quarterly dividend of $0.075 per share on the Company's common stock. The dividend will be paid on December 16, 2021, to stockholders of record as of the close of business on December 2, 2021.

The declaration and payment of any future dividends is subject to approval by Mosaic's Board of Directors. There can be no assurance that the Company's Board of Directors will declare future dividends.

About The Mosaic Company

The Mosaic Company is one of the world's leading producers and marketers of concentrated phosphate and potash crop nutrients. Mosaic is a single source provider of phosphate and potash fertilizers and feed ingredients for the global agriculture industry. More information on the company is available at www.mosaicco.com.

Media

Ben Pratt
The Mosaic Company
813-775-4206
benjamin.pratt@mosaicco.com

Investors

Paul Massoud
The Mosaic Company
813-775-4260
investor@mosaicco.com

SOURCE: The Mosaic Company

View source version on accesswire.com:
https://www.accesswire.com/668978/The-Mosaic-Company-MOSAIC-ANNOUNCES-QUARTERLY-DIVIDEND-OF-0075-PER-SHARE

(Bloomberg) — After a bumper third quarter, the world’s No. 2 iron ore miner is cutting back on lower quality supply after prices of the steelmaking ingredient plunged.

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Vale SA produced more than analysts expected and surpassed both the previous quarter and the year-ago period as part of an ongoing recovery from a 2019 tailings dam disaster and thanks to better weather.

But with iron ore futures down from peaks earlier this year and being highly volatile amid Chinese curbs on steel output and concerns over the Asian nation’s property market, the Brazilian miner is looking to defend margins.

“Production and sales strategy is based on market conditions, prioritizing value over volume, with focus on margin maximization,” Vale said Tuesday in its production report.

Vale’s shares dropped as much as 3.4% in Sao Paulo before paring some losses, to trade 2.2% lower at 12:51 p.m. local time.

Analysts foresee weaker iron-ore sales for this year and next as the Rio de Janeiro-based company focuses on reducing lower quality volumes to protect margins. Lower-than-expected shipments in the fourth quarter and 2022 “could provide some support to iron ore prices, while also improving Vale’s price realization due to an improved product mix,” Bradesco BBI analyst Thiago Lofiego said in an Oct. 19 report.

The Brazilian mining giant churned out 89.4 million metric tons in the third quarter to top the average analyst estimate of 87.3 million tons, showing the recovery is on track despite sluggish permitting in its prized deposits in northern Brazil. That may help counter a drop in shipment guidance last week by top producer Rio Tinto Group and a dip in output at BHP Group.

Vale’s sales came in only slightly ahead of the previous periods and lagged production. The company is trimming supply of lower-margin ores to the tune of 4 million tons in the fourth quarter, and possibly another 12-15 million tons next year. While 2021 output guidance was maintained, it’s likely to come in below mid range.

Bloomberg Intelligence’s baseline scenario shows a structurally oversupplied iron ore market by late 2022, with surpluses through 2024. The return of tonnage from Vale, which ships high-quality ore, is expected to account for the majority of supply growth.

Nickel Woes

Vale is also one of the world’s top nickel producers and a major copper supplier. Production of both metals fell following a strike at its Sudbury operations, with annual guidance cut. The company expects to have its Sudbury facilities back to normal this month and resume its Totten mine early next year after mine shaft repairs. Vale is scheduled to release third-quarter earnings on Oct. 28.

(Adds analysts comments and shares from fifth paragraph.)

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